- Mexican peso holds onto weekly gains versus the US dollar.
- Emerging market currencies resist the wave of risk aversion well.
- USD/MXN heads for the third weekly decline in a row.
The USD/MXN dropped further on Friday and bottomed at 19.84, the lowest level in a month. It then trimmed losses and climbed toward 19.90 as Wall Street turned negative.
Emerging market currencies resisted the wave of risk aversion so far but the negative tone across financial markets remains a great risk. More tensions could hit not only emerging markets' assets but also their currencies.
Wall Street indices opened positive on Friday and then changed their course. The Dow Jones is falling by 0.71% and the S&P 500 drops by 0.63%. The move pushed USD/MXN back to the 19.90 area.
A daily close below should keep the negative momentum intact, with scope for a test of the next support at 19.80. The next level to watch is seen at the April low at 19.72.
If the US dollar manages to recover above 19.90 it would alleviate the bearish bias. The next critical resistance stands at 20.05. If USD/MXN rises above the 20-day Simple Moving Simple at 20.20, it would negate the bearish short-term outlook.
|Today last price||19.8414|
|Today Daily Change||-0.0931|
|Today Daily Change %||-0.47|
|Today daily open||19.9345|
|Previous Daily High||20.0737|
|Previous Daily Low||19.8712|
|Previous Weekly High||20.475|
|Previous Weekly Low||20.0781|
|Previous Monthly High||20.6382|
|Previous Monthly Low||19.7269|
|Daily Fibonacci 38.2%||19.9485|
|Daily Fibonacci 61.8%||19.9963|
|Daily Pivot Point S1||19.8459|
|Daily Pivot Point S2||19.7573|
|Daily Pivot Point S3||19.6434|
|Daily Pivot Point R1||20.0484|
|Daily Pivot Point R2||20.1623|
|Daily Pivot Point R3||20.2509|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.